Raising a Fund in 2025: Hard Truths & Smart Strategies from Cindy Padnos 🚀

Hard truths, smart strategies, and what second-time fund managers keep getting wrong

For fund managers raising in today’s challenging market, few voices carry as much weight as Cindy Padnos. Founder of Illuminate Ventures, Padnos has navigated multiple cycles, closed funds both solo and with partners, and—most importantly—knows exactly what it takes to survive and thrive in this environment.

I sat down with Padnos to talk about fundraising in today’s economy, what second-to-fifth-time GPs are getting wrong, and how to strategically position yourself for success.